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Lowest Mortgage Refinancing Rates Ever
Mortgage rates dipped to another new low this week – 4.42 percent on a 30-year loan. That’s the lowest since Freddie Mac has got since 1971. So, yes, if you are thinking of mortgage refinancing, this is the right time. Rates may go lower in the next few weeks but no one really can guess. By the time, they hit rock bottom, people may not realize it.
The general perception among most economists is that the sluggish US economy may just gather steam and the interest rates may rise. If you do not lock in now, chances are so much that you will be kicking yourself on the back in the next two years for not taking the bus now. Mortgage interest rates are quite hard to predict. The Mortgage Bankers Association forecast last week that 30-year rates will be at 5 percent a year from now, and 5.8 percent in mid 2012.
If you are in a position to refinance your mortgage, you should count yourself lucky. In St. Louis, 18 percent of homes were valued less than the mortgage on them, according to the information from zillow.com, a famous real estate tracking firm. Most home owners are deprived of the 20 percent equity that is needed to avoid the costly private mortgage insurance.
The CEO of USA Mortgage, Doug Schukar, one of the biggest mortgage banking companies in St. Louis says, “”You can be the perfect borrower, but you won’t qualify to refinance because the neighbor next door went into foreclosure and the house sold for 50 cents on the dollar. He adds, “”In just the last 90 days, we’ve been hearing more and more about lower appraisals.” Find out about the rise in mortgage refinance demand
People who have underwater mortgages can still refinance their mortgage if they have good payment records and their loan is assured or backed by Fannie Mae or Freddie Mac. These government operated agencies give room for the refinancing of mortgage loans up to 125 percent of the value of the home. If your present mortgage loan does not need mortgage insurance, you do not need it for refinancing. You can know more about how Fannie or Freddie backing up your loan at www.fanniemae.com/loanlookup/ or www.FreddieMac.com/mymortgage.
If your credit score is less than 720, you may not get the best mortgage e rates. If it is under 640, you may find it hard to get mortgage. FICO says that the median credit score in the US for getting a good mortgage is 711.
People are looking towards moving from 30 year mortgage to 15 year mortgage. A loan of 15 years has averaged 3.9 percent in the previous week with 0.6 points. When we say points, we mean a percent of the loan paid by the borrower at the time of mortgage closure. You have to pay points to reduce the interest rate. The average 30-year mortgage rate of 4.42 percent includes 0.7 points. So, if you move that $150,000 mortgage to 15 years at a 4 percent rate would actually raise the monthly payment by $136. However, your family will be able to pay off the loan faster and save heavily on interest. Here is information on mortgage refinancing for people with bad credit.
You should shop around for a mortgage online. Actually, smaller banks offer better mortgage deals than bigger ones. You can shop at various banks, mortgage companies and credit unions as well. Find out what are the rates and the closing costs. Often the pattern is such that the lower rates imply higher closing costs and vice versa. Also be careful about the ‘junk fees’ that lenders use to artificially inflate their profits
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mortgage zillow Questions
Mortgage rate online?
I recently field quotes for mortgage rate online and also locally. Various online quotes is a little better than locally. My question is, Is it safe to give out Social Security number online to such sites as (Lending Tree or Zillow) so that I can request a Good Faith Estimate (GFE) and select a lender from those online sites. Thanks in advance.
The problem with this is that some companies sell and resell your information, all these agencies pull your credit. If you do not get a loan from them within a certain period of time, they will sell your information again to other lenders. I had a friend’s credit score take a 100 point hit because there credit was pulled over and over and over, it went on for months before she finally got it stopped.
Another issue, they present a great loan rate, but you may pay thousands more in closing costs than a local lender would charge. There may be pre-payment penalties or other undesirable clauses attached to this loan.
So it is best to compare the whole package, not just interest rate.
Should I sell my rental house in this bad economy?
I bought my house in 2005 for $330k in Tucson, AZ. Zillow.com estimates it is worth at $271k now, which means it is worth less than what I owe on it. I pay $2350 a month in mortgage, and am only pulling in $1100 a month from my renters. So, every month I pour $1250 into this house only to watch it keep on dropping in value. Should I sell it for a huge loss now or try to hold on to it in hopes the market will turn around, all the while losing small amounts of money every month?
Just to clarify – it was never intended to be an investment at first. It was my primary residence, and then I was let go of my job and had to relocate. Things happened so fast that I couldn’t sell it at that time. Plus, this was just as the bubble was bursting, so it seemed to me that the decline was going to be short term.
Why on earth would you buy that in the first place? That is not a very good investment move.
I would sell, it will be at least a decade before this is even close to a smart move.
Zillow is a toy, do not rely on it for information, it is not close to being accurate. Use it for entertainment only.
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